Medical Equipment Maintenance Market Analysis Report By Equipment, By Service And Segment Forecasts From 2021 To 2027

Synopsis

With reference to the report published, the global medical equipment maintenance market size was prized by USD 35.3 billion in 2020. It is estimated to witness a 7.9% CAGR from 2021 to 2027.

Drivers

Growing occurrences of serious sicknesses, increasing demand for medicinal equipment, the greater tariff for diagnostics, and escalating demand for the renovated medical equipment are the factors, projected to impel the market, throughout the forecast period. A number of medicinal equipment like ultrasound, centrifuge, electrocardiographs, autoclave, ventilator units, X-ray units, and syringe pumps are available at present in the healthcare industry. These are utilized for diagnosis, analysis, treatment, and learning reasons throughout the healthcare industry.

Since the majority of health checks devices are composite, costly, and sophisticated, their maintenance is a tremendously serious job. Maintenance of medical equipment makes sure that the equipment are free from any fault and precisely working. Besides, its function in dropping inaccuracy, calibration, and hazard of infectivity is anticipated to stimulate the expansion of the market for medical equipment maintenance.

Furthermore, during the upcoming years, the necessity of technical proficiency in distant maintenance as well as the organization of equipment is likely to increase. Sequentially, this tendency is expected to impel the tactical decisions for the business.

Increasing acceptance of innovative technologies in developing nations, rising approvals for medical equipment and, growing disposable income, globally, are the factors expected to furthermore power the trading of medical equipment, sequentially endorsing the demand for medical equipment maintenance.

As a result of the rising elderly populace, greater spending is observed for distant patient monitoring equipment. These equipment need greater maintenance. This is estimated to persist during the forecast period, therefore beneficial for the revenue generation of the market. According to an investigation done by the Population Reference Bureau in 2019, in the U.S., there are more than 52 million people having age more than 65 years. This figure is expected to grow and touch 61 million by 2027.

The elderly inhabitants are more susceptible to chronic circumstances, for example, cancer, diabetes, and additional chronic sicknesses due to their lifestyle. Healthcare centers and hospitals are also considerably added to the revenue of the market for medical equipment maintenance.

Equipment Insight

On the basis of equipment, the medical equipment maintenance market has been classified into surgical instruments, electromedical equipment, endoscopic devices, imaging equipment, and additional medicinal equipment.

In 2020, the imaging equipment division held the major 35.8% revenue share. This division comprises ultrasound, MRI, CT, Digital X-Ray, and others. The rising heart sicknesses along with the advancement in the diagnostic measures are stirring the division.

The surgical instruments division is anticipated to record a maximum of 8.4% CAGR, during the forecast period. This can be credited to increasing overall measures of surgery owing to the induction of robotic and non-invasive ways out. In accordance with the Plastic Surgery Statistics Report, in the U.S., nearly 1.8 million actions of cosmetic surgery were completed in 2019.

Service Insight

On the basis of type of service, the medical equipment maintenance market is classified into operational maintenance, preventive maintenance, and corrective maintenance. The corrective maintenance division retained the major 57.1% revenue share in 2020. It is a spontaneous action to rectify the failure of the constituent or the device that has taken place or erratically happened in the device. Corrective maintenance actions consist of reinstallation or substitution of a mechanism or structure utilized to restore the physical form, reliability, and/or functioning of the medicinal equipment, following an unpredicted malfunction.

The preventive maintenance division is likely to record the maximum 8.7% CAGR, during the forecast period. Concentration on the preventive maintenance of medicinal equipment is increasing since it assists to improve the safety and the quality of patient treatment. It comprises preservation of the devices in a planned method to avert expensive repairs. Moreover; it facilitates enhancing the dependability of the device as well as improves everyday functioning.

Regional Insight

Owing to the various government programs to make available the improved healthcare services, increasing healthcare expenditures along with the increasing elderly populace within the region, the Asia Pacific is projected to observe the highest enlargement, during the forecast period. For example, to provide free of charge admittance to healthcare, for 40% of the entire national population, the central Government of India introduced the Ayushman Bharat Yojana, in 2018.

On account of increasing incidences of chronic sicknesses, sophisticated medicinal infrastructure, a huge number of ambulatory surgical centers as well as hospitals within the region, and higher expenditure on healthcare, North America held a major 38.4% revenue share, in 2020.

Companies

The manufacturing companies are taking up partnership, being the important policy, to continue in the extremely aggressive surroundings and obtain a better share of the market. Such as, Philips endorsed two long-standing joint venture accords with a Germany-based hospital group named Kliniken der Stadt Köln, for maintenance, upgrade, replacement, as well as delivery in July 2018.

Some of the companies for the medical equipment maintenance market are:

• Alliance Medical Group
• Aramark
• Medtronic
• Koninklijke Philips N.V.
• GE Healthcare
• Althea Group
• BC Technical, Inc.
• B. Braun Melsungen AG
• Drägerwerk AG & Co. KGaA
• Siemens Healthineers

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Million Insights has segmented the global medical equipment maintenance market report on the basis of equipment, service, and region:

• Equipment Outlook (Revenue, USD Million, 2016 - 2027)
    • Imaging Equipment
        • CT
        • MRI
        • Digital X-Ray
        • Ultrasound
        • Others
                • Life Support Devices
                • Dental Equipment
    • Electromedical Equipment
    • Endoscopic Devices
    • Surgical Instruments
    • Other Medical Equipment

• Service Outlook (Revenue, USD Million, 2016 - 2027)
    • Preventive Maintenance
    • Corrective Maintenance
    • Operational Maintenance

• Regional Outlook (Revenue, USD Million, 2016 - 2027)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
        • France
        • Italy
        • Spain
    • The Asia Pacific
        • India
        • China
        • Japan
        • Australia
        • South Korea
    • Latin America
        • Brazil
        • Mexico
        • Argentina
    • Middle East & Africa
        • South Africa
        • Saudi Arabia
        • UAE